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lic premium for director

This query is : Resolved 

17 August 2013 A private limited company pays Rs.16 lacs as Life Insurance premium for one of its directors.The premium policy is not a keyman insurance policy.What are the relevant provision to be kept in mind and whether the expense is allowed or not in companies Act & IT Act?????Thank You

17 August 2013 It is a personal expense and is NOT allowed as deduction.



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